SunTrust Downgrades Chemtura Corporation (CHMT) to Neutral

Moody's Places Chemtura (CHMT) Ratings on Review for Upgrade

Moody's Investors Service placed Chemtura Corporation's (NYSE: CHMT) Ba3 Corporate Family Rating (CFR), Ba3-PD probability of default rating and B1 senior unsecured guaranteed notes rating on review for upgrade.

This action follows the announcement that Chemtura has agreed to be acquired by Lanxess AG (Baa3, Stable) for a total consideration of $2.5 billion, or 10x EBIDTA on a pre-synergy basis.

The transaction has been approved by each of Chemtura's and Lanxess's boards of directors, but is still subject to Chemtura shareholders' approval, receipt of necessary antitrust and other regulatory approvals and customary conditions... More

LANXESS to Acquire Chemtura (CHMT) in ~$2.5B Deal

Chemtura Corporation (NYSE: CHMT) announced that it has entered into a definitive agreement pursuant to which LANXESS AG (LANXESS), a global specialty chemicals company, will acquire Chemtura in a transaction valued at approximately $2.5 billion. Under the terms of the agreement, Chemtura shareholders will receive $33.50 per share in cash for each outstanding share of common stock held, which represents an 18.9% premium to the stocks closing share price of $28.18 on September 23, 2016. The respective boards of both companies have unanimously approved the transaction.

For the past year, our management team and Board of Directors... More

Germany's Lanxess to buy U.S. chemical firm Chemtura for $2.7 billion

By Ludwig Burger

FRANKFURT (Reuters) - Lanxess AG is to buy U.S. speciality chemical company Chemtura (NYSE: CHMT) for 2.4 billion euros ($2.69 billion) including debt in the German company's largest ever takeover, moving it further away from its main synthetic rubber business.

Lanxess's offer of $33.50 per share is a premium of about 19 percent to the Philadelphia-based company's share-price close on Friday.

The world's largest synthetic rubber maker will use existing funds and new debt... More